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Dec 5, 2013
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fiscal deficit. >> david, rapidly shrinking, the deficit is going down. is he ignoring our growing $17 trilli $17 trillion debt and a deficit higher than the one he received from his predecessor? >> the debt is higher. we would be in much better economic shape and young people would have better job opportunities if we weren't shrinking so fast. we have gone from 10%, basically what he inherited down to 4% of the economy and on the way down to 2% by the end of the president's term. if he were not to doing this about spending and we were invest can in the future, in education, research, we are seeing american research going to china and we are not spending tax dollars on basic research, which corporations don't do. >> that's always been done by government. so, neither the finding about young people is surprising, nor is the president's focus. yeah, we have brought down the deficit is what he is saying, significantly, 90% of americans seem to be unaware of this. >> david, there are more than 10 million americans receiving disability benefits. 47 million on f
fiscal deficit. >> david, rapidly shrinking, the deficit is going down. is he ignoring our growing $17 trilli $17 trillion debt and a deficit higher than the one he received from his predecessor? >> the debt is higher. we would be in much better economic shape and young people would have better job opportunities if we weren't shrinking so fast. we have gone from 10%, basically what he inherited down to 4% of the economy and on the way down to 2% by the end of the president's term....
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Dec 8, 2013
12/13
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CSPAN2
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. >> there is a fundamental difference between short-term deficits and an structural deficits. the short-term deficits largely were inherited by the rock obama -- barack obama and we need to understand its short-term deficits are understandable because we are in a recession and we have to undeclared wars and a number of bailouts and unemployment is very high. so he made it very clear that he wants to try to take the steps to try to get the economy going on in consistent basis and bring unemployment down. he is going to propose a number of tax cuts or tax preferences as well as spending increases to try to do that and that may exacerbate the short-term but then he pivoted which i think is important to talk about the structural deficit. and that is what threatens the state. it's not the ice that is above the water. it's the ice that is below the water. it's not the debt on the balance sheet, it is what is off the balance sheet that disrupts the future and he talked about three things, he talked about freezing a portion of discretionary spending, less than 20% of the federal budge
. >> there is a fundamental difference between short-term deficits and an structural deficits. the short-term deficits largely were inherited by the rock obama -- barack obama and we need to understand its short-term deficits are understandable because we are in a recession and we have to undeclared wars and a number of bailouts and unemployment is very high. so he made it very clear that he wants to try to take the steps to try to get the economy going on in consistent basis and bring...
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Dec 5, 2013
12/13
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BLOOMBERG
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as they were concentrated on deficit reduction and did not see the connection between deficit reduction and growth. they thought deficit reduction was a great policy. that was the mistake. they could not think in these dynamic terms. thaty do you not think this recovery will become a more broad-based recovery? there is some evidence that the export story is improving, manufacturing data has been improving. that data -- they are largely u.k. generated. it is internal rather than export. basic have to go back to theory. there are two drivers of economic growth. investment and there is consumption. you have got to look at what is happening to both of those components. and then you have to ask what are the chances that they will grow. i do not think investment -- it may have picked up a little bit. it is still very much lower than it was in 2007 in 2008. as for consumption, there has been a big decline in real earnings. over the last five years. >> how do we deal with that? this could come back to the tax story. >> that comes back to the tax story, it comes back to the way national insuranc
as they were concentrated on deficit reduction and did not see the connection between deficit reduction and growth. they thought deficit reduction was a great policy. that was the mistake. they could not think in these dynamic terms. thaty do you not think this recovery will become a more broad-based recovery? there is some evidence that the export story is improving, manufacturing data has been improving. that data -- they are largely u.k. generated. it is internal rather than export. basic...
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Dec 8, 2013
12/13
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FOXNEWSW
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reserve pays for the bonds that the united states issues, same as all the other hundreds of dollars of deficit. we're living in a play money world already. so we'll live in an obama play money world a little more. look, we had a good plan under mr. nixon. what would nixon do about this, what would he do about that? we're going to take a little percentage. we're not going to screw up their insurance policies of those who do have -- the small percentage who can't afford it, we'll give them checks and not have a huge government bureaucracy to handle it. go to your insurance agent, buy the policy. bang, that's it. write you a check. it's done. >> ben stein, thanks so much for being with us tonight. >> that's it? >> that's it, ben. >> that's it? >> unless you're going to write the check, that's it. it's good to see you. >> allright. nice to see you. a registered nurse now joins us, who happened to be married to a doctor and who is now in her second term as a congresswoman. all right, congresswoman, can obama care be fixed? >> no, it can't. it's fundamentally flawed. >> why? >> we've heard the promi
reserve pays for the bonds that the united states issues, same as all the other hundreds of dollars of deficit. we're living in a play money world already. so we'll live in an obama play money world a little more. look, we had a good plan under mr. nixon. what would nixon do about this, what would he do about that? we're going to take a little percentage. we're not going to screw up their insurance policies of those who do have -- the small percentage who can't afford it, we'll give them checks...
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Dec 2, 2013
12/13
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CSPAN2
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fiscal challenges that your country is, and we went through a strategic review several years ago and a deficit reduction action plan, all of which has decreased our budget by 10-15%. and and this has required all kinds of trade-offs along the way too. going forward and recently we just had the speech which indicates that the government is looking to refurbish their canada first defense strategy and in that way allows us to look at where we can invest in new areas. so there will be trade-offs to come certainly within a stable envelope of tight resources. >> okay. and then the last question i wanted to ask is on author rad. norad. and you mentioned in your comments that, expansion, if you will, into the maritime domain, i think there's a lot of interest, too, in cyber domain, and you did reference the author rad strategic -- norad strategic review that's underway. can you give us some insights into what the u.s. and canada are exploring into that strategic review and what types of changes we might expect to see come out of that? >> i know that the commander of norad who is not only the u.s. comm
fiscal challenges that your country is, and we went through a strategic review several years ago and a deficit reduction action plan, all of which has decreased our budget by 10-15%. and and this has required all kinds of trade-offs along the way too. going forward and recently we just had the speech which indicates that the government is looking to refurbish their canada first defense strategy and in that way allows us to look at where we can invest in new areas. so there will be trade-offs to...
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government treasury securities the treasury securities that the government is used to cover its deficit spending year after year and in just the last several years less for five years the federal reserve has been basically buying up anough of these securities to be equal to funding anywhere from forty to sixty percent of the government's deficit each year the consequences is that we basically have had a government borrowing money and paper money treated to fund it now i'm sure many viewers are wondering well how come if this is the case and the federal reserve has increased the money supply by over four trillion dollars in the last four four nam five years why haven't we seen more price inflation and that's because the fed reserve has been playing a game it creates the money into the banking system the banks could lend it to us but the federal reserve has through increasing the money supply manipulated interest rates so low as everybody knows and rather tend to lend the money to us consumers of businessmen at these artificially low interest rates the fed reserve pays these banks a sligh
government treasury securities the treasury securities that the government is used to cover its deficit spending year after year and in just the last several years less for five years the federal reserve has been basically buying up anough of these securities to be equal to funding anywhere from forty to sixty percent of the government's deficit each year the consequences is that we basically have had a government borrowing money and paper money treated to fund it now i'm sure many viewers are...
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Dec 3, 2013
12/13
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CSPAN2
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no one looks even though as it's important as the budgetary deficit is the commercial deficits. minus 67 billion euros for france in 2012 when the gemini surface is 188 billion euros. what does that mean? it means that our economy is totally unbalanced. we produce less and less so we have two import a growing part of what we consume and as a consequence we run a growing deficit and factories are closing. we consume but others are producing. the french crisis is not a crisis of demand. it is a crisis of supply, like in other countries in europe. our capacity to consume is not the problem because of the welfare state. what is the problem is our capacity to produce and sell more goods and services in france. so we will be able to get rid of this spiral we are stuck and only if we manage to change. for a long time friends nurse demand by the development of public employment and redistribution. all this was financed by ever-growing taxes. now this cannot function anymore. we have to change it radically and that is exactly the program we are working on and we will have to change that
no one looks even though as it's important as the budgetary deficit is the commercial deficits. minus 67 billion euros for france in 2012 when the gemini surface is 188 billion euros. what does that mean? it means that our economy is totally unbalanced. we produce less and less so we have two import a growing part of what we consume and as a consequence we run a growing deficit and factories are closing. we consume but others are producing. the french crisis is not a crisis of demand. it is a...
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Dec 8, 2013
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effect on the town of the mine closing was deficit in the account had been through lots of hard times bigger than labor strikes and i write about what big strikes in my book. it had been through the depression the aldermen voted to work three days a week so everybody could work. but when the mine closed-end, nobody could believe it. they tried to get people to get in to be a white knight to save the town and have someone else bought it. a company that bought it from the original owners and they were mining deep and mining fast and getting the best stuff out there and then environmental protection agency came in and said you can't keep doing what you're doing. and between the way the gulf resources managed the mine and the epa, they closed down and this became a superfund site. epa is the one who tries to keep the air clean and the water claim. this town did not have clean air or clean water. so there were lots of poisons that were spread out on the ground. while this one company was managing the mine, there was a back house fire. the back house was the place for many of the boys were
effect on the town of the mine closing was deficit in the account had been through lots of hard times bigger than labor strikes and i write about what big strikes in my book. it had been through the depression the aldermen voted to work three days a week so everybody could work. but when the mine closed-end, nobody could believe it. they tried to get people to get in to be a white knight to save the town and have someone else bought it. a company that bought it from the original owners and they...
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Dec 10, 2013
12/13
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i mean you look at this budget bill, it's not deficit reduction, there's no cuts in entitlements, there's no closing corporate loopholes. we're really just in a holding pattern here. >> lois romano, e.j. dough a jj thank you both. >>> if you read only one thing this morning, say it isn't so. the rules and regulations are out for the super bowl and partiers take note. no tailgating. now you can eat and drink in your car, you can stand outside your car if you stay within the lines of your parking space but that's it. and wait until you read what kinds of cars will and won't be allowed in the parking lot. it's my must read. it's up on our facebook page, where a common theme from you has been there's an easier way. mary barnett wrote why not a super bowl party at home and then you can eat and drink as much as you want? true enough. let us know what you think. head to facebook/jansingco. which rewards her for responsibly managing her card balance. before receiving $25 toward her balance each quarter for making more than her minimum payment on time each month. tracey got the bankamericard bette
i mean you look at this budget bill, it's not deficit reduction, there's no cuts in entitlements, there's no closing corporate loopholes. we're really just in a holding pattern here. >> lois romano, e.j. dough a jj thank you both. >>> if you read only one thing this morning, say it isn't so. the rules and regulations are out for the super bowl and partiers take note. no tailgating. now you can eat and drink in your car, you can stand outside your car if you stay within the lines...
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Dec 2, 2013
12/13
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CSPAN2
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so sometimes there are very great people who have a deficit of self-esteem. so we wanted to question what we felt were these dogmas that had emerged and were just too prevalent, too widely believed. >> host: so not a supporter of the everybody gets a trophy theory. >> guest: no. [laughter] and the kids know. if you don't keep score and you think, well, that'll make everyone feel good, the children keep score. >> host: a call from annapolis, maryland. please go ahead. >> caller: good afternoon, dr. somers. i was wondering if you would comment on the one-woman theme that took place during the presidential election and also the recent virginia governor's election and why at least it was reported it did have an effect on women voters. >> host: what's your opinion first before we hear from dr. sommers? >> caller: my opinion, it was almost like preaching to the choir, and the way it was reported and may have seemed to be emphasized by those who believed it anyway. but in the virginia governor's election, i lived in maryland, it did seem to have an effect at least o
so sometimes there are very great people who have a deficit of self-esteem. so we wanted to question what we felt were these dogmas that had emerged and were just too prevalent, too widely believed. >> host: so not a supporter of the everybody gets a trophy theory. >> guest: no. [laughter] and the kids know. if you don't keep score and you think, well, that'll make everyone feel good, the children keep score. >> host: a call from annapolis, maryland. please go ahead. >>...
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Dec 10, 2013
12/13
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CSPAN
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trade deficit has exploded. since nafta and w.t.o., we have lost over five million of our manufacturing jobs, 40,000 factories gone and real wages down across the economy. in fact, true audit, our export growth to countries we do not have fast track trade agreements with is actually 38% higher than those with which we do have the fast track agreements. myth number three, every president since roosevelt has had t.p.a. warning, trick acronym. t.p.a. also is an acronym for trade promotion authority. the cynical renaming of fast track. reciprocal the trade authority act. and that is a mechanism president roosevelt had that only pertained to tariffs. yes, it is true from 1934, the reciprocal tariff act had tariff proclamation authority, t.p.a., totally different thing than the t.p.a. that equals fast track. truth, a handful of presidents since nixon has had fast track. and now for the politics. the question is, will this house of representatives give president obama this extraordinary authority to push through the tr
trade deficit has exploded. since nafta and w.t.o., we have lost over five million of our manufacturing jobs, 40,000 factories gone and real wages down across the economy. in fact, true audit, our export growth to countries we do not have fast track trade agreements with is actually 38% higher than those with which we do have the fast track agreements. myth number three, every president since roosevelt has had t.p.a. warning, trick acronym. t.p.a. also is an acronym for trade promotion...
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Dec 8, 2013
12/13
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CSPAN2
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electric and deficit spending can find, how are you going to get a balanced budget? we don't like the current economy, what i going to do to get us to grow at the rate we ought to? coming out of this deep of recession, we will be growing five or 6% a year. we should be pulling back into the middle class. we will be solving a lot of our problems by just the sheer dynamics of a recovery. we are getting none of that right now. don't just tell me which are getting. don't know what you're for. i've been to all too many campaigns in the last 15 years that have been negative, eddie, personality oriented and they think they don't show the country well and i don't think will solve our problems with that approach. i hope you will read "breakout" but if you agree with me that this was an important concept inhibiting the people who think in that line in future, think about prison guards of the pass, we could really begin a dialogue that is future past and is very powerful in terms of bringing many people together who wouldn't know my think they were on the same side and i would
electric and deficit spending can find, how are you going to get a balanced budget? we don't like the current economy, what i going to do to get us to grow at the rate we ought to? coming out of this deep of recession, we will be growing five or 6% a year. we should be pulling back into the middle class. we will be solving a lot of our problems by just the sheer dynamics of a recovery. we are getting none of that right now. don't just tell me which are getting. don't know what you're for. i've...
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aren't the unions with deficit down and negotiate? >> maybe at some point. dennis: we do it in the private sector all the time, why can't you? >> this idea government workers are uncomfortable, but yet all activity. >> it is ridiculous. these people deserve what they were told they would get. >> it is a lot more antigovernment. dennis: you're a good sport. the congressional bill in illinois, you'll hear from the guy who could be the next governor in illinois. talk was tracy byrnes and ashley webster at 2:00 p.m. cheryl: "wall street journal" reporting americans with chronic illnesses might also be big losers with higher out-of-pocket drug cost. joining us to talk about how it will affect the pocketbook, it is great to have you on the program. the journal found the biggest issue here is the still had to sign up for the plan before they will tell you what your benefits are going to be. how are we supposed to know what it will be? >> they are very tough, especially where lots of sick people are opting into the exchanges premiums may be lower. they will have a t
aren't the unions with deficit down and negotiate? >> maybe at some point. dennis: we do it in the private sector all the time, why can't you? >> this idea government workers are uncomfortable, but yet all activity. >> it is ridiculous. these people deserve what they were told they would get. >> it is a lot more antigovernment. dennis: you're a good sport. the congressional bill in illinois, you'll hear from the guy who could be the next governor in illinois. talk was...
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Dec 5, 2013
12/13
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CSPAN
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we talk about the budget deficit, the reason we have a budget deficit is because we have a trade deficit. the outsourcing of jobs from coast-to-coast. there is simply no reason to bring up a deal under the fast-tracked procedure which will not permit amendment on this floor, a deal negotiated in secret by yet another presidential administration, and don't americans know how the middle class has been shrinking, how incomes have been shrinking, how production from coast-to-coast has been outsourced? i wish to place additional remarks in the record associating myself with the special order this evening that calls on the administration to rebalance our trade accounts. they could take up a bill that i have authored to rebalance america's trade accounts and take a look at all of these nations with which we have amassed these huge, huge deficits, with our production being outsourced. madam speaker, let's table the trance pacific partnership deal. et's table -- transpacific partnership deal. let's table this model. i yield back the balance of my time. the speaker pro tempore: without objection,
we talk about the budget deficit, the reason we have a budget deficit is because we have a trade deficit. the outsourcing of jobs from coast-to-coast. there is simply no reason to bring up a deal under the fast-tracked procedure which will not permit amendment on this floor, a deal negotiated in secret by yet another presidential administration, and don't americans know how the middle class has been shrinking, how incomes have been shrinking, how production from coast-to-coast has been...
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Dec 7, 2013
12/13
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FOXNEWSW
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good debate, on capitol hill, republicans are hesitant to spend anymore money that would add to the deficit. this would cost tens of billions of dollars added to the debt, so it would be a major shift for them to refuse to do it now especially with only a handful of weeks to go. there are a lot of people counting on those amounts right now. >> it would cost 20 billion to extend the benefits, which would expire by the 28th. >> last week we saw democrats ease up on some of their concerns. they originally wanted this unemployment benefits extension to be attached to this small-scale budget deal that is now in the works on capitol hill. they thought that would be a good show toward unemployment to include their interests in the budget deal. but later in the week they said actually it is okay. if the budget deal goes through without this section as long as we can pass it another way, that is all right. so i think it makes it much more likely we'll see the extension in some form or another in two weeks, again, we don't have much time before the lawmakers leave for the holidays. >> we don't, they'
good debate, on capitol hill, republicans are hesitant to spend anymore money that would add to the deficit. this would cost tens of billions of dollars added to the debt, so it would be a major shift for them to refuse to do it now especially with only a handful of weeks to go. there are a lot of people counting on those amounts right now. >> it would cost 20 billion to extend the benefits, which would expire by the 28th. >> last week we saw democrats ease up on some of their...
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Dec 10, 2013
12/13
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CNBC
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reduction, maybe $20 billion of deficit reduction, but we're not at the goal line yet. members have been meeting, their staff has been meeting. a lot of members have gone to south africa for the mandela funeral as president obama and president bush did. you have the snow day in washington where because of that relatively modest snowstorm by the standards of many people in the midwest and other parts that get a lot of snow, it nevertheless shut down the federal government. talks are going on. we're in a last-minute posturing phase where republicans are saying you've got to have this amount of deficit reduction in order for us to agree to the deal and democrats are saying, including people like steny hoyer saying you can't take as much out of retirement as you're going to take. i do think it will get done. they had originally planned to announce the deal today and vote on it on thursday. i think that time frame could slip a little bit, at least on the announcement part. we'll see whether they can get it done by the end of the week and go home and tell their constituents t
reduction, maybe $20 billion of deficit reduction, but we're not at the goal line yet. members have been meeting, their staff has been meeting. a lot of members have gone to south africa for the mandela funeral as president obama and president bush did. you have the snow day in washington where because of that relatively modest snowstorm by the standards of many people in the midwest and other parts that get a lot of snow, it nevertheless shut down the federal government. talks are going on....
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Dec 8, 2013
12/13
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current account deficits since 1999 shows the trend and the discovery of new domestic sources of oil and gas, it reinforces this issue. the country is spending less on imported energy." you can read the full story on bloomberg's website. the front page of "the pittsburgh post-gazette" -- a look at some of the victims from one year ago and a story that will likely get a lot of attention in the week ahead. this is from "the detroit free press" -- you can get more information by logging on to freep.com. next is robert from massachusetts. decline andre in the reason is because we, as a viewed -- when the world our opinion not to go to war, we would not go with our allies. we are ia country that has of thed because one world sees our moral fabric has declined, that is a decline any way. when bush stole the election world looked the --it is not a has way we go about the world. said we havellers the most disrespected presidents. how does the worldview that? it is a holy mentality. then you look at what happened in wall street, the greed that is going on. this is all that. we are meddling in
current account deficits since 1999 shows the trend and the discovery of new domestic sources of oil and gas, it reinforces this issue. the country is spending less on imported energy." you can read the full story on bloomberg's website. the front page of "the pittsburgh post-gazette" -- a look at some of the victims from one year ago and a story that will likely get a lot of attention in the week ahead. this is from "the detroit free press" -- you can get more...
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. >> teachers are at a deficit of 432 minutes. aircraft pilots, landscapers, bartenders, that makes sense. sales reps hairstylist, they work a day job but maybe they like to party. >> that may be it. >> forest and logging workers. i could see that. >> i don't know where we are but we should be at the top. >> yeah. i get maybe five hours a day, not even a night. >> i think i'm averaging 5 1/2 split up, not even in one dose. we should be at the top. >> yeah. i get maybe five hours a day, not even a >>> this morning on "world news now," in a daze. that's the explanation from the man at the controls of that doomed commuter train as it zoomed around a curve at three times the speed limit. new details in the investigation. >>> danger zone. the winter system plunging temperatures coast to coast. the snowfall, windchills and serious threat to crops. >>> double trouble, two different -- different meningitis outbreaks on two campuses. the colleges taking action and precautions for students. >>> turning up the heat. justin bieber's steamy vi
. >> teachers are at a deficit of 432 minutes. aircraft pilots, landscapers, bartenders, that makes sense. sales reps hairstylist, they work a day job but maybe they like to party. >> that may be it. >> forest and logging workers. i could see that. >> i don't know where we are but we should be at the top. >> yeah. i get maybe five hours a day, not even a night. >> i think i'm averaging 5 1/2 split up, not even in one dose. we should be at the top. >>...
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Dec 10, 2013
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CNNW
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this is not the wide-ranging grand bargain that includes big-ticket deficit items like entitlements, but it is a modest budget deal that would set government spending levels, which is important. we haven't seen that in a while. and replace automatic spending cuts set to hit early next year. paul ryan on the republican side, patty murray on the democratic side. they' many democrats want to extend long-term unemployment benefits as part of this deal. other high-profile democrats on the house side who represent federal workers, they're concerned part of this deal means an increase in money that people have to give who are federal workers to their pensions. they're not crazy about that. then the republican side, conservatives are upset even before this is announced because they don't want to change any of those spending caps that have been in place since 2011. three outside groups have said, republicans don't vote for this. if it is announced and is voted on this week, which we expect it will be, it will really have to have a true coalition of republicans and democrats who are in the mid
this is not the wide-ranging grand bargain that includes big-ticket deficit items like entitlements, but it is a modest budget deal that would set government spending levels, which is important. we haven't seen that in a while. and replace automatic spending cuts set to hit early next year. paul ryan on the republican side, patty murray on the democratic side. they' many democrats want to extend long-term unemployment benefits as part of this deal. other high-profile democrats on the house side...
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Dec 5, 2013
12/13
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CNBC
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because the deficits are coming down. because of the sequester they all want to get rid of. yeah, it really -- we start to go so far down the rabbit hole i need a pole to get some air down here. >> you need some air. get that guy a glass of water, quick. jim lowell, what are you doing to put money to work right now? >> let me give rick santelli a little bit of air. as a bow tie wearing yankee i'm used to being the skeptic in the room. i'm not worried at all. the u.s. consumer is in good shape. consumers across the pond, in the eurozone -- >> yeah, consumption and gdp was just off the charts, wasn't it? >> it was okay, rick. it's been okay -- >> okay is much different than good. >> grading on a curve. >> as long as that continues for real world investors and for my clients, we've been able to make significant gains. i certainly am not surprised by the pullback in the market. look, after heapings of gains it's only natural the market takes a little bit of a diet. the reality is going forward large cap, multinational blue chip, balance sheets look great. >> why doesn't the fed
because the deficits are coming down. because of the sequester they all want to get rid of. yeah, it really -- we start to go so far down the rabbit hole i need a pole to get some air down here. >> you need some air. get that guy a glass of water, quick. jim lowell, what are you doing to put money to work right now? >> let me give rick santelli a little bit of air. as a bow tie wearing yankee i'm used to being the skeptic in the room. i'm not worried at all. the u.s. consumer is in...
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Dec 8, 2013
12/13
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that deal might include scaling back some of those sequester cuts, finding a little bit of deficit reduction. here's the key thing to focus on, though, right now, alex. the tone. there doesn't seem to be an appetite for another government shutdown. that, of course, bodes well for the economy and washington in general. take a listen to what two lawmakers had to say earlier today. >> keep the budget caps in place, not raise taxes, which is important during this weak economy, and actually avoid a government shutdown. so i'm hopeful that even by the end of this week we'll be able to come together and achieve that. >> i certainly hope as part of it that the negotiators will take to heart what the president had to say. there are working families across america that are struggling. there are unemployed families who need a helping hand. we've got to protect and preserve the safety net in america and give these working families a fighting chance. >> so alex, of course there you have republican rob portman, democrat dick durbin. and you heard senator durbin talking about unemployment insurance. that i
that deal might include scaling back some of those sequester cuts, finding a little bit of deficit reduction. here's the key thing to focus on, though, right now, alex. the tone. there doesn't seem to be an appetite for another government shutdown. that, of course, bodes well for the economy and washington in general. take a listen to what two lawmakers had to say earlier today. >> keep the budget caps in place, not raise taxes, which is important during this weak economy, and actually...
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but it wouldn't have much deficit reduction. it would not go after any of the hot button items like social security or medicare, which need to be dealt with over the long-run. it wouldn't close any tax loopholes. those things have proven too partisan for these budget negotiators to tackle. yesterday, in the nfl, the kicker for the denver broncos made a 64-yard field goal. record for the nfl. this is more like a 6-yard field goal. they haven't kicked it yet. i do think they will before congress goes home. it is a minimum achievement for people to cheer about. >> john, it is interesting when you talk about some of the little sticking points here. one is the benefits for the long-term unemployed. that is making up a record percentage of the people in this country who are unemployed. do you get the sense that congress is looking at the jobs report and saying, hey, maybe we shouldn't move the needle on that right now? >> i think that is difficult in part, because when you look at the size of this deal, we are only talking about $90 b
but it wouldn't have much deficit reduction. it would not go after any of the hot button items like social security or medicare, which need to be dealt with over the long-run. it wouldn't close any tax loopholes. those things have proven too partisan for these budget negotiators to tackle. yesterday, in the nfl, the kicker for the denver broncos made a 64-yard field goal. record for the nfl. this is more like a 6-yard field goal. they haven't kicked it yet. i do think they will before congress...
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the possibilities of how to cut the deficit, that's all been discussed over and over ad nauseam again. if we talk about spectrum sales one more time, i think people will start passing out. it's all about the political will. is the political will there this time? >> the calculation has been the pain will inspire political will. we haven't seen this before. every time people say it's going to be fine, we're not going to have a shutdown or play chicken with the fiscal cliff and we do. here's what's perhaps a little bit different, the fact they're negotiating in good faith in private is good. the question will be can republicans accept any revenues from closed loopholes or is that off hand? >> they need to cut. they're on solid ground in terms of wanting to cut. they voted for the sequester. that was a mistake. i like the quiet. >> reality check here, both the democrat and republican version are austerity budgets, the question to what degree. >> hopefully they do the smart thing administratively and give the power of cutting back to the agencies. these guys shouldn't be figuring what cuts
the possibilities of how to cut the deficit, that's all been discussed over and over ad nauseam again. if we talk about spectrum sales one more time, i think people will start passing out. it's all about the political will. is the political will there this time? >> the calculation has been the pain will inspire political will. we haven't seen this before. every time people say it's going to be fine, we're not going to have a shutdown or play chicken with the fiscal cliff and we do. here's...